AMC Entertainment, a theatrical exhibition firm, announced on Monday that it will begin accepting bitcoin as payment for cinema tickets and refreshments purchased online at all of its theatres in the United States. AMC Entertainment, founded in 1920, is one of the world’s largest theatre companies, with over $1 billion in revenue every year.
During a Monday earnings call, CEO Adam Aron stated that by the end of 2021, the movie theatre chain would have the IT infrastructure in place to accept cryptocurrency as payment. AMC’s stock jumped more than 4% following the announcement. Aron also said AMC theaters will start accepting Google Pay and Apple Pay.
During the second quarter, the firm reported a lower loss than projected, as well as revenue that was above analysts’ expectations. The stock has risen almost 1,500 percent this year as a group of retail traders used social media sites to coordinate transactions and generate a large short squeeze in the stock. Hedge funds and other investors flocked to the failing movie theatre as a favorite short target.
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